INDO-Zambia Bank (IZB) has announced that it paid K46.74 million as corporate taxes as at 31st December, 2015.

During the presentation of the bank’s annual report for 2015, IZB chairperson Olean Moyo said shareholders resolved to pay that amount of taxes as well as declare dividend of 7 percent.

Ms Moyo explained that the 7 percent on share capital translated into an outgo of 39.85 percent on the profit after tax.

“Subsequently, in view of the bank’s continued profitability, strong capital adequacy ratio and consistent with the bank’s dividend policy, the shareholders resolved at the Annual General Meeting to declare and pay dividend to the shareholders at the rate of 7 percent,” she said.

She also said the bank’s deposits grew from K1, 645.02 million as at 31st December, 2015 to K1, 992.90 million recording a growth of 21.15 percent.

Ms Moyo said the investment portfolio of the bank stood at K613.72 million thus the total business mix of the bank stands in excess of K3.6 billion.

She explained that the Bank’s aggregate Gross Credit Portfolio increased to K1.013.38 billion as at 31st December, 2015 against K798.80 million as at 31st December, 2014 representing a rise of 26.86 percent.

“All in all, the bank has recorded good performance in all the parameters and we improved the bank’s efficiency and have continued to build a very strong capital liquidity base,” she said.

She further said the operating profit of the bank had also grown by 85.02 percent from K73.98 million as at 31st December, 2014 to K136.89 million as at 31st December, 2015.

“We have achieved good results in a challenging environment because our performance and workings have been driven by the fact that we have remained true to our core value strength of serving our customers, supporting our community and our passion for fostering the development of the country,” she said.

Ms Moyo said the achievements were driven by a sense of revitalised strategic clarity which enabled the bank to adapt to the economic and market conditions while focused on building market share, increasing earnings and improving returns.

“2015 was another year of great performance for Indo Zambia Bank set against a very challenging economic backdrop but in spite of these challenges the bank’s strategic focus delivered significant accomplishments,” she said.